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dam_eon85 | Sole proprietor of 25 years ... too risky? |
My father started his own trucking business 25 years ago after being laid off from his job. He has no formal education in business, although he has managed to keep the family business alive for 25 years.
I would be deeply hurt to see the family business go down; knowing how much hard work is put forth, thus this is our only source of income. At times I believe dad is clueless, and doesn't make the wisest business decisions, and I am worried.
Dad has been a sole proprietor from the start of the business. Recently I have been trying to persuade him to incorporate the business as an S corporation.
What is a reasonable rate for an attorney to do this for him (we live in Illinois)? What are the benifits of naming an attorney as your agent? What changes will he have to make as far as bank accounts, loan agreements, or just notifing others in general?
Any insight is appreciated. Thank you. Take care!
Additional Details
To answer your question: I will be entering my third year at college as an accounting and finance major. |
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CrAzY!!
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I do book-keeping and taxes in florida. and i can tell you that tax wise, becoming an LLC is the best way to go!! much easier to work things out than if you were a coorporation. and you do not have to see an attorney, most book-keepers can do it on line. attorneys will charge you out the *ss for something that takes maybe 30 minutes of work!! and you will not be taking a risk unless you really dont know what you are doing. i hope that helps. i would be glad to let my company set it up for you, but you would have to mail me the stuff!! |
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answermonkey
 |
A good rate for an attorney who is visiting and actively working with you is under a thousand. There are quite a few Internet joints that will register your S-Corp and submit all the proper paperwork for a brand new S-Corp for a few hundred.
Converting to S-Corp from sole proprietorship means moving the accountability and responsibility for loans, assets, etc. to the corporation instead of your personal assets. (By the way, having a trucking business as sole proprietorship is not wise, you're right on the money, this needs to be made a corporation ASAP, so that in case of lawsuit or disaster your Dad's personal assets are protected).
The following are some links describing the process to give you a clearer picture of what's involved:
http://taxes.about.com/od/taxplanning/a/scorp_assets.htm
http://www.gofso.com/Premium/TS/fg/fg-form.html
http://www.mynewventure.com/?show=Ask_a_Specialist |
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Frank Castle
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Did you went to College? |
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neeta727
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WOW |
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Dave B
 |
First off, I completely agree. You need to incorporate. It's the wise thing to do.
The actual cost of incorporating varies depending on the state, but in my state (Utah), I think it cost $50. I created my company as an LLC, then filed for an S-election with the IRS, which essentially means we're taxed as an S-corp. I did this based on the advice of an accountant. If you haven't already done so, I recommend discusing this with an accountant and/or business lawyer because the type of business entity will influence how you are taxed. Depending on the type and size of the business, and future plans, there is a business type that will work best for you. S-Corp may or may not be best, so you should check with trusted professionals who could better advise on that.
When I started my business, I was starting from scratch and didn't have any revenue or employees, or anything. So I just filled out the paperwork and filed for my business. You could take that approach if you want and you will probably be fine. If you want to be extra safe, however, you can hire an attorney to help make sure everything is done correctly.
As I'm sure you know, attorney fees are very high hourly rates, but this type of thing should be relatively little work for them, so you should be able to have them do all they need for under $700. Many firms that specialize in helping companies incorporate charge a fixed rate, so you won't get gouged on hourly rates. |
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